Marketing is one of the biggest factors in determining the success of any kind of business. Marketing of a business, product, or service is concerned with telling potential customers how good a product is, or creating awareness about the business or availability of a product or service. A better marketing strategy can change the decision of the customer entirely. For a successful marketing strategy, you need to know where your targeted customer is located and what mediums through which you can access the customer.
There are countless ways of marketing, there is not just one size that fits all, so a successful B2B marketing strategy should be completely based on your type of business.
B2B is only one form of marketing, there are different types of marketing that fit different businesses and industries, for formulating a B2B marketing strategy, it is important for you to first understand that what actually is B2B marketing and what are the type of businesses that should do B2B marketing.
What is B2B marketing?
Business to Business marketing or B2B marketing is a form of marketing concerned with businesses that sell services or goods to other businesses. There are two primary forms of business marketing strategies, i.e., Business to Business Marketing and Business Consumer marketing.
The fundamentals of B2B marketing and B2C marketing are entirely different. The B2C marketing is concerned with the direct consumers who don’t think from a more detailed perspective and do not care about the ROI or Return on Investment.
On the other hand, B2B marketing is concerned with other businesses. Meaning that the customers here are the other businesses and not consumers. These businesses will think in a more detailed way before buying a product and they care the most about the ROI as the goods or services sold to them will be used for making other goods and services to be sold directly to the customers to make money.
There is a vast number of businesses that require B2B marketing, these include SAAS businesses, Security solutions, Tech Solutions, Suppliers, Raw material businesses, and many many more.
Well, now that you know what is B2B marketing, let us quickly tell you about the ways to formulate an effective B2B marketing strategy, after that, we will discuss some of the best B2B marketing strategies.
How to formulate an effective B2B marketing strategy?
Formulating a strategy is extremely crucial for the fulfillment of any motive. You can follow these ways to formulate an effective B2B marketing strategy:
- Analyze your business
The first thing to do is analyzing the qualities of your business. This includes determining the points and strengths you want to highlight in your marketing campaign.
- Locate your targeted customers
You need to know in which market your targeted businesses fall, you also need to have a better idea about the number of returns they expect and the ideal cost of goods and services for them.
- Formulate tactics and identify channels
You need to formulate tactics for reaching customers, you should be extremely careful of the words you use in a campaign. Identifying channels is concerned with recognizing the mediums for reaching your targeted customers. Mediums include newspapers, social media, search engines, TV advertisements and etc.
- Run Campaigns
Running a dedicated campaign is very important, you cannot do the same type of marketing for all customers, you need to categorize your customers and run regular campaigns for each type.
- Keep a track
Keeping track of your marketing campaigns is extremely important. You need to keep analyzing the profitability and reach of your campaigns with the help of various KPIs or Key performance indicators.
These were some ways to formulate a successful B2B marketing strategy, now; let’s proceed with our picks for the best B2B marketing strategies.
Best B2B Marketing Strategies
Here are the top 9 business-to-business marketing strategies that are preferred by the top businesses worldwide, these absolutely do not define how you make your strategy, but building a strategy around these can be beneficial.
1. B2B SEO
Search engines are now extensively used worldwide for information and solutions. Search engine optimizations is one of the most common practices in marketing nowadays, it is a huge part of digital marketing and digital marketing has a larger reach than most forms of marketing.
B2B SEO will help your business to rank better on specific search queries. You need to identify what your targeted customers will be entering as a query in the search bar when they look for a product or service you sell.
This is one very effective way of marketing since for buying products and services going to the search engines like Google and Bing is extremely common for businesses.
2. Social Media
Social media is widely used nowadays. Almost every person with a smartphone uses at least one social media site. The reach of Social media is enormous. Sites like Facebook and Instagram have more behavior and interests based data than search engines.
Social media can be used to target your customers even when they are not in a state of making a purchase. With Social media, you can feed a subconscious image for your product or service.
For a more effective strategy, you should be more aware of the social media your customers are active on, since, not many businessmen and corporate people will be found on sites like Instagram and Tiktok.
3. Referral marketing
Word of mouth is an effective tool for marketing. But just plain word of mouth is really hard to come by, people won’t talk or refer your business until and unless they are being incentivized.
Referral marketing can be done by giving out commissions or discounts on every customer that comes in. Data shows that businesses that included referral marketing in their strategies have more than 20% of sales coming from referral marketing.
4. Marketing Automation
Automation of several pre-determined tasks and objectives can simplify them and save time and money. Similar work is done by marketing automation.
Marketing automation is a process of automating various tasks like lead generation, promotional emails, campaign tracking, buying assistance, and many others.
Automation is widely used to improve customer experience and reduce the costs of the campaign. Automation can help marketers in focussing on other important tasks.
5. Customer Reviews
As we previously told, word of mouth is a very effective tool. Customer reviews also work as a word of mouth. Various figures indicate that more than 80-90% of the customers are influenced by the customer reviews during the purchase.
Customer reviews should not be faked, no matter how precisely you can do them, fake reviews are easily distinguishable, you should establish such systems that can make the customers leave feedback and a review.
6. Testing and Optimization
Testing two different versions of the same type of content, website, or ad campaign can help you achieve better results and optimize your CRM. The testing also referred to as A/B testing is a very effective marketing strategy.
During the testing phase, the two different versions are given to different sets of customers and are then tracked. This will help in determining a better marketing strategy and finding the appropriate content for it. The better version is then put to use.
7. High-Value Content
Search engines and social media platforms love high-value content. This is the content that will contain minimal brand promotion but will provide serious value to the viewers or readers.
Providing high value and informative content will help the brand to build goodwill and popularity and most importantly if you are providing this content through the website of your business, then it will help you to rank better.
A little amount of promotion can be done by linking the sale intent content on your website.
8. E-mail marketing
E-mail marketing is a great way of directly reaching your customers and getting some serious conversions. While doing e-mail marketing, you need to be extremely delicate and valuable with your words.
Mailbox is a personal space and nobody likes spammy messages landing up in their inboxes. If your business e-mail is marked spam, then it can be huge distress to your campaign.
9. Influencer marketing
Influencers are the ones who many people look up to as inspirations and idols. Approaching influencers is an easy task and you can get quite a lot of conversions.
Influencer marketing for B2B works better with business influencers, motivational speakers, business gurus, and entrepreneurs.
Formulating a strategy is a very crucial task for any desired objective. Marketing is a very important part of a business and it helps in achieving better sales.
Which one is your favorite B2B marketing strategy? Do let me know in the comment section.